FINANCIAL EXCLUSION

That this House recognises that people on low incomes are often excluded from mainstream financial services and that many have poor financial literacy skills, which makes them more likely to end up in debt; notes that this exclusion leads to a reliance on door-step lenders, pawnbrokers, payback stores and payday loans which come with vastly inflated levels of interest; and calls on the Government to take action to provide greater access to free money advice services, regulate high-interest lenders, promote alternatives such as credit unions, and ensure that everyone has access to a basic bank account.